Best cheque account

tsume

tsume

The Pervy Sage
Joined
Apr 19, 2010
Messages
21,130
Reaction score
373
Location
In the vasts of the internet
My time with the Absa student account is nearly up and I need to start looking at the other options. What are the best chequeing accounts available? I tried looking through Absa's site but not much detail is given in payments and benefits. Just to give an insight, I pay about R25 per month on my student card. All transactions are free (including swiping my card at stores) as long as I don't use another banks ATM. Free SMS notification and internet banking. I'm looking for something similar (of course the monthly will be higher). You can suggest other bank options as well though it will be more of a hassle.

Also I'm looking to getting a credit card for online purchases, I'd also like to get suggestions on this.
 
FNB costs and benefits.
https://www.fnb.co.za/cheque-accounts/index.html
Depending on your income you can open either a Smart, Gold, Platinum or Private cheque account.
Costs range from R84-00 to R229-00, with a long list of benefits.

Since moving to FNB from ABSA I have never looked back.
Bank charges are minimal when compared to ABSA.
Free cell, telephone and internet banking.
Free banking app.
Free savings pocket, where you can bank your change.
 
I'm in the same boat. Currently with FNB and while they've been good, they haven't been as revolutionary as their advertising promises. I will definitely not be going to ABSA though as my parents are with them and they're a nightmare to deal with from my experience. I'm considering Investec but that's just because I can get a trainee accountant account with them, otherwise I might stay where I am for the time being and see if they can offer me any real value.

Capitec is the best bet if you want real value. Their products are aimed at keeping your banking costs down and from what I've seen and heard their customer service is fairly good too.

Just note that you do not need a credit card for online purchases. Most banks offer a cheque card which serves the same purpose but links directly to your cheque account as the name suggests.
 
FNB all the way. You've got to get yourself mentally and physically "invested" in their rewards program in order to derive the benefits of switching. It takes a bit of effort at first to learn how it all works, but in the end you score decently. The rewards will pay for all your banking fees and much more. Capitec sounds great, but even if their banking fees were all zero, it's not really worth it. You should be aiming to earn a constant stream of rewards, and not simply break even.
 
FNB if you can invest yourself in eBucks. Really pays off if you can reach the highest reward tier. Otherwise can't go wrong with Capitec.

Also you don't need a credit card for online purchases. Cheque cards can also be used for online purchases. However a credit card used responsibly is excellent to start building a solid credit history.
 
GMAN03 said:
That sounds appealing. Which account is that?
Click to expand...

Platinum cheque fee saver
You don't earn interest on your credit balance though.
My bank charges mount up through the month and are usually around R280
My statement will show R280 as bank charges and then R280 will be credited to cancel it.
I know I wouldn't earn that amount in interest, so its worth it.
 
Last edited:
ColonelJAck said:
Interesting article :

http://www.iol.co.za/business/personal-finance/banking/banks-compete-on-costs-1.1412220#.UrTnjn3RbMI
Click to expand...

Thanks it cleared up some questions I also had, for example I wasn't able to find cost fees on the FNB website :wtf:

Capitec seems good on the no purchase fees, but they do have ATM withdrawls. Another thing which is pushing me away from Capitec is the number of ATMs and banking facilities. FNB on the other hand...like the article says it's difficult to find pricing options (if they are there).

I see FNB and Absa both have graduate accounts, so I might look into that
 
U can withdraw from any pnp, checkers till. And its R7 any amount from any bank atm
 
Capitec withdrawals being flat rate R7 at a (any!) different bank atm is cheaper than performing an absa withdrawal at an absa atm.

Rewards programs, while being a nice carrot still have to be funded and make the bank money somehow so odds are you still be better off without it.

My bank fees went down from R250 at absa to R50 at Capitec and I am earning much more interest there, and haven't had a lot of problems using their card in france.
 
I worked at Nedbank, and when I changed jobs (different industry) I changed from my Nedbank staff account to a FNB cheque account. 9 months in, I'm on level 4 (level 5 next month) and last month was the first month when i earned more ebucks than my bank fees. I'm not complaining.
 
tsume said:
...
Also I'm looking to getting a credit card for online purchases, I'd also like to get suggestions on this.
Click to expand...

DON'T !!!

Your options are to either use your cheque card online (can be done) or if you use Capitec, you can use your debit card (but some places like Kalahari cannot process it).

Problem is both of these have major security risks, including a credit card.

Best is to use a virtual credit card from a company like VCPay. You deposit money into your VCPay wallet and then using an app (Android, Blackberry, IOS) on your phone, you create a temporary card with a max value. Each transaction on the card decreases the available value. You can create any number of cards for any number of value but they will only work as long as you have actual money in your wallet.

Been using it for 2 years now and love it.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X